Bank of America (NYSE:BAC) Price Target Raised to $49.00

by · The Cerbat Gem

Bank of America (NYSE:BAC) had its price target lifted by Morgan Stanley from $47.00 to $49.00 in a research note published on Monday morning,Benzinga reports. The brokerage currently has an overweight rating on the financial services provider’s stock.

A number of other equities analysts have also commented on BAC. TD Cowen assumed coverage on shares of Bank of America in a research report on Thursday, May 15th. They set a “buy” rating and a $53.00 price target on the stock. Wall Street Zen lowered shares of Bank of America from a “hold” rating to a “sell” rating in a research report on Thursday, May 22nd. Piper Sandler dropped their price target on shares of Bank of America from $45.00 to $42.00 and set a “neutral” rating for the company in a research report on Wednesday, April 16th. The Goldman Sachs Group boosted their price target on Bank of America from $46.00 to $52.00 and gave the company a “buy” rating in a research note on Tuesday, June 10th. Finally, Barclays reduced their price target on Bank of America from $58.00 to $54.00 and set an “overweight” rating on the stock in a research report on Wednesday, April 16th. Two analysts have rated the stock with a sell rating, four have given a hold rating, nineteen have assigned a buy rating and four have assigned a strong buy rating to the company’s stock. According to MarketBeat, Bank of America presently has an average rating of “Moderate Buy” and a consensus target price of $47.40.

Get Our Latest Analysis on BAC

Bank of America Stock Up 0.4%

Shares of BAC opened at $46.85 on Monday. The firm has a market cap of $352.87 billion, a P/E ratio of 13.94, a price-to-earnings-growth ratio of 1.26 and a beta of 1.30. The company has a debt-to-equity ratio of 1.11, a quick ratio of 0.78 and a current ratio of 0.79. Bank of America has a 52 week low of $33.07 and a 52 week high of $48.08. The firm’s 50-day simple moving average is $42.91 and its 200 day simple moving average is $43.33.

Bank of America (NYSE:BAC – Get Free Report) last announced its earnings results on Tuesday, April 15th. The financial services provider reported $0.90 earnings per share for the quarter, topping analysts’ consensus estimates of $0.80 by $0.10. Bank of America had a return on equity of 10.25% and a net margin of 14.56%. The company had revenue of $27.37 billion for the quarter, compared to analyst estimates of $26.83 billion. On average, analysts forecast that Bank of America will post 3.7 earnings per share for the current year.

Bank of America Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Friday, June 27th. Investors of record on Friday, June 6th will be given a dividend of $0.26 per share. The ex-dividend date is Friday, June 6th. This represents a $1.04 dividend on an annualized basis and a yield of 2.22%. Bank of America’s dividend payout ratio is currently 30.95%.

Institutional Trading of Bank of America

Hedge funds and other institutional investors have recently made changes to their positions in the company. Geode Capital Management LLC increased its position in Bank of America by 1.4% in the 4th quarter. Geode Capital Management LLC now owns 142,289,199 shares of the financial services provider’s stock valued at $6,243,000,000 after acquiring an additional 2,033,229 shares during the period. Price T Rowe Associates Inc. MD grew its stake in shares of Bank of America by 10.6% in the fourth quarter. Price T Rowe Associates Inc. MD now owns 122,437,422 shares of the financial services provider’s stock worth $5,381,126,000 after purchasing an additional 11,691,451 shares during the last quarter. Norges Bank acquired a new stake in Bank of America in the fourth quarter valued at $5,226,989,000. Capital World Investors raised its position in Bank of America by 23.9% during the 4th quarter. Capital World Investors now owns 88,210,527 shares of the financial services provider’s stock worth $3,876,853,000 after purchasing an additional 17,031,143 shares during the last quarter. Finally, Northern Trust Corp lifted its holdings in Bank of America by 17.2% during the 4th quarter. Northern Trust Corp now owns 67,935,940 shares of the financial services provider’s stock worth $2,985,785,000 after buying an additional 9,980,859 shares during the period. 70.71% of the stock is currently owned by institutional investors.

Bank of America Company Profile

(Get Free Report)

Bank of America Corporation, through its subsidiaries, provides banking and financial products and services for individual consumers, small and middle-market businesses, institutional investors, large corporations, and governments worldwide. It operates in four segments: Consumer Banking, Global Wealth & Investment Management (GWIM), Global Banking, and Global Markets.

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